2024-03-28 09:00:00 ET
Summary
- Fed Chair Powell delivers dovish message, predicts 3 rate cuts in 2024.
- Dividend Harvesting Portfolio reaches record profitability and balance.
- Goldman Sachs predicts tech stocks could lead S&P 500 to 6,000 by year-end.
Well, it certainly was an eventful week as Fed Chair Powell delivered a dovish message to the markets at the FOMC press conference . While Fed Chair Powell left the door open for rates to remain where they are for the foreseeable future or even take them a bit higher, he reconfirmed that the most likely scenario was 3 cuts would occur in the back half of 2024. The Fed's dot plot reaffirmed that the median points were 4.6% in 2024, 3.6% in 2025 and 3.1% in 2026. This market ripped into the close on Wednesday, 3/20/24 and the S&P 500 closed the week up 1.35% while the Nasdaq climbed 1.3%. Goldman Sachs ( GS ) now sees a scenario where tech stocks could lead the S&P 500 to around 6,000 to close the year out, which is well above their target of 5,200. I continue to believe we're in the early innings of a multi-year bull cycle that will be fueled by technological advancements that will lead to earnings expansion throughout the broad market. Regardless of what occurs, I am going to keep allocating $100 per week to the Dividend Harvesting Portfolio, and I feel that the investments I made throughout the downturn will be rewarded in the future....
Read the full article on Seeking Alpha
For further details see:
Dividend Harvesting Portfolio Week 160: $16,000 Allocated, $1,420.50 In Projected Dividends